Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Reconciliation of the changes in stockholders' equity for the three and six months ended June 30, 2022 and 2021
	Common Stock					Additional Paid-in			Accumulated Other Comprehensive			Accumulated
	Shares			Amount		Capital			Loss			Deficit			Total
Balance at December 31, 2021		72,069		$	—	$	511,063		$	(10,077	)	$	(120,453	)	$	380,533
Common stock issued upon exercise of options		2			—		15			—			—			15
Vesting of restricted stock and performance stock units		352			—		—			—			—			—
Purchase and retirement of common shares		(116	)		—		(1,049	)		—			—			(1,049	)
Stock-based compensation		—			—		3,524			—			—			3,524
Net loss		—			—		—			—			(19,967	)		(19,967	)
Currency translation adjustments		—			—		—			1,756			—			1,756
Unrealized gain on marketable securities		—			—		—			74			—			74
Balance at March 31, 2022		72,307		$	—	$	513,553		$	(8,247	)	$	(140,420	)	$	364,886
Vesting of restricted stock and performance stock units		407			—		—			—			—			—
Purchase and retirement of common shares		(142	)		—		(905	)		—			—			(905	)
Stock-based compensation		—			—		3,280			—			—			3,280
Net loss		—			—		—			—			(18,802	)		(18,802	)
Currency translation adjustments		—			—		—			(4,349	)		—			(4,349	)
Unrealized gain on marketable securities		—			—		—			82			—			82
Balance at June 30, 2022		72,572		$	—	$	515,928		$	(12,514	)	$	(159,222	)	$	344,192

	Common Stock					Additional Paid-in			Accumulated Other Comprehensive			Accumulated
	Shares			Amount		Capital			Loss			Deficit			Total
Balance at December 31, 2020		71,738		$	—	$	505,123		$	(9,097	)	$	(97,455	)	$	398,571
Common stock issued upon exercise of options		11			—		92			—			—			92
Vesting of restricted stock and performance stock units		318			—					—			—			—
Purchase and retirement of common shares		(111	)		—		(1,730	)		—			—			(1,730	)
Stock-based compensation		—			—		1,464			—			—			1,464
Net income		—			—		—			—			3,774			3,774
Currency translation adjustments		—			—		—			1,352			—			1,352
Unrealized gain on marketable securities		—			—		—			21			—			21
Balance at March 31, 2021		71,956		$	—	$	504,949		$	(7,724	)	$	(93,681	)	$	403,544
Common stock issued upon exercise of options		3			—		29			—			—			29
Vesting of restricted stock and performance stock units		64			—		—			—			—			—
Purchase and retirement of common shares		(15	)		—		(147	)		—			—			(147	)
Stock-based compensation		—			—		1,473			—			—			1,473
Net loss		—			—		—			—			(1,364	)		(1,364	)
Currency translation adjustments		—			—		—			1,403			—			1,403
Unrealized loss on marketable securities		—			—		—			(122	)		—			(122	)
Balance at June 30, 2021		72,008		$	—	$	506,304		$	(6,443	)	$	(95,045	)	$	404,816

Stock-Based Awards

We grant stock-based awards under the OraSure Technologies, Inc. Stock Award Plan, as amended (the “Stock Plan”). The Stock Plan permits stock-based awards to employees, outside directors and consultants or other third-party advisors. Awards which may be granted under the Stock Plan include qualified incentive stock options, nonqualified stock options, stock appreciation rights, restricted awards, performance awards and other stock-based awards. We account for stock-based compensation to employees and directors using the fair value method. We recognize compensation expense for stock option and restricted stock awards issued to employees and directors on a straight-line basis over the requisite service period of the award. We recognize compensation expense related to performance-based restricted stock units based on assumptions as to what percentage of each performance target will be achieved. We evaluate these target assumptions on a quarterly basis and adjust compensation expense related to these awards, as appropriate. To satisfy the exercise of options, issuance of restricted stock, or redemption of performance-based restricted stock units, we issue new shares rather than shares purchased on the open market.

Total compensation expense related to stock options for the six months ended June 30, 2022 and 2021 was $879 and $521, respectively.

The following table summarizes the stock option activity for the six months ended June 30, 2022:

	Options
Outstanding on January 1, 2022		1,410
Granted		589
Exercised		(2	)
Expired		(20	)
Forfeited		(173	)
Outstanding on June 30, 2022		1,804

Compensation expense of $5,071 and $2,066 related to restricted shares was recognized during the six months ended June 30, 2022 and 2021, respectively.

The following table summarizes time-vested restricted stock award and restricted stock unit activity for the six months ended June 30, 2022:

	Units
Issued and unvested, January 1, 2022		701
Granted		2,782
Vested		(571	)
Forfeited		(249	)
Issued and unvested, June 30, 2022		2,663

We grant performance-based restricted stock units (“PSUs”) to certain executives. Vesting of these PSUs is dependent upon achievement of certain performance-based metrics during a one-year or three-year period from the date of grant. Assuming achievement of each performance-based metric, the executive must also generally remain employed for three years from the grant date. If the one-year target is achieved, the PSUs will then vest three years from grant date. If the three-year target is achieved, the corresponding PSUs will then vest three years from grant date. PSUs are converted into shares of our common stock once vested.

Compensation expense of $854 and $350 related to PSUs was recognized during the six months ended June 30, 2022 and 2021, respectively.

The following table summarizes the PSU activity for the six months ended June 30, 2022:

	Units
Issued and unvested, January 1, 2022		622
Granted (1)		532
Performance adjustment (2)		36
Vested		(188	)
Forfeited		(171	)
Issued and unvested, June 30, 2022		831

(1) Grant activity for all PSUs disclosed at target

(2) Reflects the performance adjustment based on actual performance measured at the end of the performance period

Stock Repurchase Program

On August 5, 2008, our Board of Directors approved a share repurchase program pursuant to which we are permitted to acquire up to $25,000 of our outstanding common shares. No shares were purchased and retired during the six months ended June 30, 2022 and 2021.